Boscov’s finds a buyer
September 19, 2008,
The deal “will result in Boscov’s being well-capitalized and allow us to move quickly toward completion of our restructuring," said Ken Lakin, chairman and ceo, in a release announcing the arrangement.
Boscov’'s and Versa are in the process of negotiating an Asset Purchase Agreement (APA). Boscov's filed for Chapter 11 bankruptcy Aug. 4 and soon thereafter announced it would close 10 stores. The company now operates 39 units.
Philadelphia-based Versa Capital Management --formerly known as Chrysalis Capital Partners – has more than $900 million of committed capital invested in middle market companies in a variety of industries.